Cyprus plans two international debt issues this year, its finance minister said on Monday, seeking a firmer footing in markets after a near meltdown in 2013.
The island nation is preparing for two issues under its European Medium Term Note (EMTN) program, Finance Minister Harris Georgiades said.
Details have not yet been decided.
Results of stress tests on Cypruss banking sector have shown a re-establishment of stability in the banking sector, and could expedite the complete lifting of capital controls, Finance Minister Harris Georgiades (photo) said.
It wont be tomorrow but we shall commence the process of lifting the very last restrictions soon, in a gradual and staged manner, Georgiades told Reuters.
Cypruss creditors have not approved the foreclosures bill tabled in Parliament by the government in Nicosia, and as a result have decided to postpone the disbursement of the next bailout tranche to the island nation, as the issue will not form part of this Fridays Eurogroup meeting, Cypriot Finance Minister Harris Georgiades (photo) told CyBC state radio on Tuesday.
Cyprus is considering tapping the bond market by September, according to two government officials directly involved in the process.
One of the officials, who asked not to be identified as no final decision has been made, said the initial offering will be for about 500 million euros and will probably be held after a share sale by the Bank of Cyprus, the countrys biggest bank.
The streamlining program of the Cypriot economy remains on course and recession projections for 2014 have been revised from 4.8 percent to 4.2 percent, according to a statement by the islands international creditors which opens the way for the disbursement of the fourth bailout installment worth 686 million euros.